Siuslaw Financial Group Reports 18% Increase in
Earnings for 1st Quarter, 2011
April 12, 2011 02:11 PM Eastern Daylight Time
FLORENCE, Ore.--(EON: Enhanced Online News)--Siuslaw Financial Group (OTCBB:SFGP), parent company
of Siuslaw Bank, today announced its earnings for the first quarter ending March 31, 2011 at $811,900 net after tax.
This is an 18% increase over earnings of $688,000 reported for the first quarter of 2010. Earnings per diluted
common share totaled $0.20 for the quarter and represented a return of average shareholder equity of 9.93%.
The company reported $307.1 million in total assets, deposits of $262.4 million and net loans of $204.9 million on
March 31, 2011 compared to $283.9 million, $241 million and $216.8 million respectively for the same period in
“Siuslaw’s earnings performance continues to reflect its strategy to limit our lending within our market area of Lane
County where we know our customers, and we stayed with the traditional investments found in small bank
portfolios. We do have some financially distressed customers we are working with to reduce or minimize their
exposure as well as the risk to the bank,” says Johan Mehlum, chairman of the board and chief executive.
Siuslaw is dedicated to creating industry in the areas we serve. A current project includes financing of the 50,000
square foot Woolworth Building in downtown Eugene. Site work for this project began last week.
Siuslaw is also committed to philanthropy and charitable giving in Oregon. The bank has been recognized for the
past four years as a Top 10 Philanthropic Company in the Portland Business Journal.
Headquartered in Florence, Siuslaw Financial Group is the parent company of Siuslaw Bank, with offices in Cottage
Grove, Creswell, Eugene, Mapleton, Oakridge, Pleasant Hill, Springfield and Veneta, all in Lane County.
SIUSLAW FINANCIAL GROUP
SELECTED FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS, UNAUDITED)
03/31/11 03/31/10 03/31/09
INCOME STATEMENT DATA
TOTAL INTEREST INCOME 3,588 3,811 4,076
TOTAL INTEREST EXPENSE 391 509 776
NET INTEREST INCOME 3,197 3,302 3,300
PROVISION FOR LOAN LOSSES 350 450 250
NET INTEREST INCOME AFTER RLL 2,847 2,852 3,050
NON INTEREST INCOME 904 804 1,060
NON INTEREST EXPENSE 2,707 2,610 2,509
INCOME BEFORE TAXES 1,045 1,046 1,601
PROVISION FOR TAXES 233 358 565
NET INCOME 812 688 1,036
EARNINGS PER COMMON SHARE 0.20 0.17 0.26
BOOK VALUE PER COMMON SHARE 7.81 7.28 6.99
03/31/11 03/31/10 03/31/09
BALANCE SHEET DATA
INVESTMENT SECURITIES AVAILABLE FOR SALE 15,461 17,008 24,073
NET LOANS 204,937 216,774 223,061
TOTAL ASSETS 307,070 283,862 283,222
TOTAL DEPOSITS 262,411 240,989 234,063
TOTAL SHAREHOLDERS' EQUITY 32,161 30,019 28,935
RETURN ON EQUITY (ROE) 9.93% 9.17% 14.44%
RETURN ON ASSETS (ROA) 1.06% 0.97% 1.49%
Siuslaw Financial Group
Chairman of the Board and Chief Executive
Johan Mehlum, 541-342-4000
Lonnie Iholts, 541-997-3486